THE EXECUTIVE 23/03/2022
FAAC Shares N590.546bn To FG, States And LGAs
The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N590.546 billion February 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
In a statement, Henshaw Ogubike, Director (Information, Press and Public Relations), Office of the Accountant General of the Federation said this was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for March 2022.
The N590.546 billion total distributable revenue comprised distributable statutory revenue of N337.432 billion; distributable Value Added Tax (VAT) revenue of N165.635 billion and Excess Bank Charges of N7.479 billion and Non-Mineral Revenue of N80.000 billion.
In February 2022, the total deductions for the cost of collection was N 23.989 billion and the total deductions for statutory transfers and refunds were N80.498 billion.
The balance in the Excess Crude Account (ECA) was $35.371million.
The communiqué confirmed that from the total distributable revenue of N590.546 billion; the Federal Government received N236.177 billion, the State Governments received N190.007 billion and the Local Government Councils received N140.612 billion. A total of N23.750 billion was shared to the relevant States as 13% derivation revenue.
The distributable statutory revenue of N337.432 billion was available for the month. From this, the Federal Government received N165.248 billion, the State Governments received N83.816 billion and the Local Government Councils received N64.618 billion. The sum of N23.750 billion was shared with the relevant States as 13% derivation revenue.
In the month of February 2022, the gross revenue available from the Value Added Tax (VAT) was N177.873 billion. This was lower than the N191.222 billion available in the month of January 2022 by N13.349 billion.
The sum of N5.123 billion allocation to NEDC and N7.115 billion cost of the collection were deducted from the N177.873 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N165.635 billion.
From the N165.635 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.845 billion, the State Governments received N82.818 billion and the Local Government Councils received N57.972 billion.
The Federal Government received N3.940 billion from the total Excess Bank Charges of N7.479 billion. The State Governments received N1.998 billion, the Local Government Councils received N1.541 billion.
The Federal Government received N42.144 billion, the State Governments received N21.376 billion and Local Government Councils received N16.480 billion from the N80.000 billion Non-Mineral Revenue.
According to the Communiqué, in the month of February 2022, Petroleum Profit Tax (PPT) increased significantly while Oil and Gas Royalties increased marginally. Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) recorded a considerable decrease.
